Here's a super-quick guide to what traders are talking about right now

Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.

Stocks are higher with FANG continuing to lead the markets.

Yellen is testifying again today.

Banks outperformed yesterday even as the yield curve flattened.

Here’s Lutz:

Morning! Spoos on all-time highs, but Nazzy jumping 40bp again as FANG continues to climb higher. Retail should have a nice day with TGT up 5% on guidance as we await Yellen at Senate today (Testimony 9:30am will be same, Q&A different). Dovish Yellen and Jamie Dimon yesterday has Euro markets jumping, with DAX up 50bp. Banks acting well across Europe, but Telecom propelling Frankfurt. FTSE up 12bp despite Miners jumping in London, as HC getting smoked on chatter AZN CEO departing ahead of key trial data. Volumes pacing better than the rest of week, but still slightly below trend. In Asia, Hang Seng jumped 1.2% to 2year highs as Tencent and HSBC, as well the Chinese Banks, rallied – KOSPI lost 70bp as Bank of Korea downgraded GDP – Nikkei unch — Aussie up 1.1% as Financials and Miners jumped higher.

10YY struggling to hold 2.30%, while Bunds have retreated 7bp from intraday yield peaks in dovish action. The US Curve continues to flatten, but Banks outperformed yesterday while FANG loved the tailwind. Broad Based Selling has the DXY on 10month lows – Sterling rebounding over $US1.29 – Krona jumping on stronger inflation data – Aussie$ hitting 4month highs, while Loonie holding gains from yesterday’s rip higher. Stronger Chinese Trade Data has all metals higher. In China, Ore up small, but Steel Rebar jumps for 7th session in a row to highest since 2013 — Copper and Platinum rallying. Oil is under pressure tho, with Brent off 1% on IEA comments. Natty basically unchanged into US data later today.